New York, USA, Dec. 06, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global cloud microservice platform market is envisioned to generate a revenue of $4,246.5 million and grow at a noteworthy CAGR of 20.8% during the forecast period from 2021-2028.
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As per analysts, the increasing demand for the utilization of modern practices that are integrated with new technologies to enhance the functionalities of an organization such as finance, human resource management, and many more, the market is expected to experience striking growth over the analysis period. In addition, the rising advancement in the digital transformation of organizations and the suitability of cloud-native applications in these services is predicted to foster the growth of the cloud microservice platform market during the forecast period. Besides, the implementation of technologies such as artificial intelligence or machine learning to automate and improve IT operations is further expected to drive the growth of the market over the analysis period. However, the low awareness about the adoption of cloud microservice platform tools in the developing economies more specifically in small and medium enterprises may restrict the growth of the market during the estimated timeframe.
Covid-19 Impact on the Cloud Microservice Platform Market
To check the spread of the novel coronavirus, many organizations and businesses have adopted remote working of their operations and also given the emphasis on the effective management of their operations to improve productivity. These factors have enhanced the implementation of cloud microservice platform software in the industries to adopt new methods of operation such as virtual monitoring of the production, predictive analytics to forecast losses, and many more. This further caused the significant growth of the market during the period of crisis.
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Segments of the Cloud Microservice Platform Market
The report has divided the cloud microservice platform market into segments namely component, deployment mode, application, end-user, and region.
Component: Platform Sub-Segment to be Most Lucrative
The platform sub-segment is expected to generate a revenue of $2,464.7 million during the analysis period. This is mainly due to the rising deployment of cloud microservices-based software across several sectors such as retail & e-commerce, healthcare, manufacturing, and many others for human resource management applications. In addition, the utilization of cloud microservice platforms in corporations for better productivity, greater employee satisfaction, and reduction in employee’s operational cost is further expected to upsurge the growth of the cloud microservice platform market sub-segment over the forecast period.
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Deployment Mode: Public Cloud Sub-Segment to be Most Profitable
The public cloud sub-segment is predicted to garner a revenue of $1,923.3 million over the analysis timeframe. This is mainly because all the hardware, software, and other supporting infrastructure are owned and regulated by the cloud provider. Moreover, the key advantages of public clouds such as no maintenance, high scalability, lower costs, and many more are expected to fuel the growth of the market sub-segment during the estimated period.
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Application: Data Analytics Sub-Segment to be Most Beneficial
The data analytics sub-segment is projected to generate $1,317.7 million during the analysis period. This is broadly due to the increasing adoption of data analytics software by different organizations to improve and accelerate decision-making skills. In addition, the increasing demand for cloud-based big data analytics software in small businesses is expected to drive the growth of the cloud microservice platform market sub-segment over the forecast period.
End-User: IT & Telecommunications Sub-Segment to be Most Productive
The IT & telecommunications sub-segment is anticipated to generate a revenue of $1,131.7 million over the analysis timeframe. This is mainly due to the widespread utilization of technology related to software and communication which is further used to increase the demand for services from the IT and telecom sectors. Further, the growing utilization of cloud microservice platforms from SMEs to large-scale organizations is further expected to bolster the growth of the cloud microservice platform market sub-segment over the analysis period.
Region: North America Region Anticipated to Have Huge Growth Opportunities
The North America region is predicted to generate a revenue of $1,426.0 million throughout the forecast period. This is mainly because North America is the hub of the most developed and established infrastructure of IT. Further, the strong presence of research and development hubs of major firms that provide cloud microservice platform solutions such as IBM Corporation, Oracle, and many, is expected to boost the regional growth of the cloud microservice platform market over the analysis period.
Key Players in the Global Cloud Microservice Platform Market
1. Amazon Web Services Inc.
2. IBM
3. Oracle
4. SAP SE
5. Microsoft
6. Cisco Systems, Inc.
7. Atos Syntel
8. Salesforce
9. Idexcel
10. CA Technologies
These players are working on the development of new business strategies and tactics to acquire the leading position in the global industry.
For instance, in March 2020, LeanIX, a renowned SaaS solution provider that helps IT architects, IT asset managers, and business leaders, announced the acquisition of Cleanshelf, a leading all-in-one solution provider to track, optimize, and benchmark client’s cloud software subscriptions. With this acquisition, the companies are aiming to introduce a new product for the engineering team and DevOps to categorize microservices.
Further, the report also presents the vital aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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